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The Crowd Goes Wild for Live Nation
MoffettNathanson analyst Robert Fishman started coverage on S&P 500 component company Live Nation Entertainment (NYSE: LYV) this morning, rating the stock a buy with a $195 price target. “Live Nation stands at the center of [the live concert] ecosystem,” says Fishman, and is the “largest live entertainment company in the world.” The stock is sitting at “essentially record highs” and is not cheap, but it’s nonetheless “well positioned for strong growth and outsized returns.”
Investors aren’t convinced. In the opening minutes of trading, Live Nation stock is down 0.4%. On the plus side, the Vanguard S&P 500 ETF is back up now to flat, with 0.00% change from Friday’s close.
This article will be updated throughout the day, so check back often for more daily updates.
The S&P 500 closed higher for the second week in a row Friday, with the Vanguard S&P 500 ETF (NYSEMKT: VOO) rising 1% for the week. Preparing for Monday’s open, however, the market looks set to take a breather, and is trading down 0.1% premarket.
Over the weekend, a meeting between Presidents Trump and Putin in Alaska ended with no clear accomplishments, and little improvement in hopes Russia’s war on Ukraine can be ended soon.
A little to the south and a little to the east, S&P 500 companies are starting to wind down their Q2 reports. 92% of S&P 500 companies have already reported earnings for the season, according to CNBC data, and 82% of S&P 500 companies have “beat earnings.”
Earnings
There’s little in the way of “hot” earnings news this morning. E-commerce software company Riskified (NYSE: RSKD) reports this morning a surprise Q2 profit of $0.02 per share, where Wall Street expected a six-cent loss. Revenue of $81.1 million beat forecasts for $80 million in the quarter, and revenue guidance was sound.
Investors aren’t impressed, however, and Riskified stock is down more than 9% premarket.
Analyst calls
In the absence of new earnings news, Wall Street analysts are using the time to update their analysis of earlier reports.
KeyBanc upgrades Duolingo (Nasdaq: DUOL) to overweight with a $460 price target. “The AI backlash was a bump in the road, and a combination of product (e.g., Energy rollout, September Duocon updates) and viral marketing efforts creates upside risk to estimates over the next 12 months,” says KeyBanc.
(And by the way, “upside risk” is a good thing).
BMO Capital analyst Fadi Chamoun, meanwhile, is downgrading railroad company and S&P 500 component CSX (NYSE: CSX) to market perform, with a $38 price target. Despite seeing mergers & acquisitions activity in the railroad industry, Chamoun isn’t convinced CSX will be a target of such M&A activity, and cites the stock’s 20% rise in price on hopes it will be acquired as a negative for the stock rising further.
The post Stock Market Live August 18: S&P 500 (VOO) Rally Pauses After Inconclusive Russia Talks appeared first on 24/7 Wall St..
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Author: Joel South
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